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Suppose That When the Price of a Good Falls from $12

Question 62

Multiple Choice

Suppose that when the price of a good falls from $12 to $9, the quantity demanded of that good rises from 310 units to 350 units. What is the approximate price elasticity of demand between these two prices?


A) 0.42
B) 2.36
C) 0.68
D) 3.80
E) 1.12

Correct Answer:

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